1088 Bishop St #3111 · Urban Honolulu, HI 96813

$210,000

1 bd · 1.0 ba · 650 sqft · Condo public records · 108 Days on market

Built 1984 $323/sqft · 28% below area Est $291k · 28% under $1353/mo HOA · 45% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• 1% rule +9.4/10.0
• Cash flow +7.7/30.0
• Appreciation +4.6/10.0
• Schools +3.7/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0

Listing remarks MLS

High Floor fully furnished with city and mountain views. Turnkey rental. Currently in the Aqua-Aston Hotel program. Can also be self-managed for short term rental such as Airbnb. Kitchen is nicely upgraded with newer cabinets and granite countertop. Bathroom is upgraded with newer vanity and granite countertop. Located in the central business district directly on the bus line with easy access to freeways. Executive Centre has 24-hour security. Unit comes with a prime parking stall located on the 6th floor near the elevators. Other fee of $277.86 is for Capitol Reserve. Fee is currently available for $188,488 plus additional $1500 for parking stall. Please confirm fee pricing and availability with AOAO Exec Centre.

Key facts

• Upgraded bathroom
• Upgraded kitchen
• Turnkey rental

Tags

• CITY AND MOUNTAIN VIEWS
• TURNKEY RENTAL
• UPGRADED KITCHEN
• UPGRADED BATHROOM
• 24 HOUR SECURITY
• PRIME PARKING STALL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $-244 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $167k (20.5% below list).
• Meets the 1% rule at list price ($3k rent vs $210k).
• Recommended offer: $167k (20.5% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 1.5% in Urban Honolulu — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Hawaii Department Of Education (suburban): math 32% / reading 50% proficiency, ranked #1 of 1 in HI (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 198 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• This rent runs 40% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.

Recommended offer $166,903 (20.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 4.90%
• Cash-on-cash: -4.98%
• DSCR: 0.78
• GRM: 5.8

CMA / ARV

• ARV (median comp): $290,509
• List price: $210,000
• Delta: -27.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.73% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: -14.0%
• Equity multiple: 0.40×
• Total profit: $-35,050
• Equity at exit: $53,441

10-year hold

• IRR: -11.2%
• Equity multiple: 0.06×
• Total profit: $-55,201
• Equity at exit: $58,495

Cash invested: $58,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 37 Tenant-Leaning
• State Hawaii: 37 Tenant-Leaning · D+13
• County: — inherits STATE
• City: — inherits STATE

Honolulu has source-of-income protections; warranty of habitability strong.

Methodology + full state rankings →

ZIP-level market 96813

• Home prices YoY: -0.3%
• Rents YoY: 0.6%
• Active inventory: 198
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $3,030 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$96 /mo · $1,155/yr
• Insurance: −$88
• HOA: −$1,353
• Vacancy / Maint / Mgmt: −$636
• Net cashflow: $-244

Break-even live

Break-even rent $3,339

Max offer price $166,903

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1088 Bishop St #3310 Honolulu, HI	1.0	1.0	650	$2,600	$4.00	23d	1	0.03mi
1132 Bishop St Honolulu, HI	1.0	1.0	486	$3,250	$6.68	3d	1	0.09mi
225 Queen St Unit 21H Honolulu, HI	2.0	2.0	624	$2,700	$4.33	3d	1	0.18mi
225 Queen St Unit 24B Honolulu, HI	2.0	2.0	707	$3,399	$4.81	44d	1	0.18mi
225 Queen St Unit 17A Honolulu, HI	2.0	2.0	704	$3,300	$4.69	23d	1	0.18mi
225 Queen St Unit 16A Honolulu, HI	2.0	2.0	704	$3,500	$4.97	43d	1	0.18mi
225 Queen St Unit 24E Honolulu, HI	2.0	2.0	604	$2,600	$4.30	23d	1	0.18mi
225 Queen St Honolulu, HI	1.0	1.0	469	$3,500	$7.46	43d	1	0.18mi
1255 Nuuanu Ave Unit E3203 Honolulu, HI	1.0	1.0	615	$2,800	$4.55	23d	1	0.25mi
60 N Beretania St Honolulu, HI	1.0–2.0	1.0–2.0	895	$2,950	$3.30	3d	3	0.30mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	19d	1	0.50mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	23d	1	0.53mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$2,700	$3.19	3d	1	0.53mi
555 South St Honolulu, HI	1.0–2.0	1.0–2.0	718	$2,750	$3.83	17d	2	0.56mi
1320 Aala St Honolulu, HI	1.0–3.0	1.0–1.5	735	$2,250	$3.06	3d	1	0.63mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	0.73mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$3,500	$3.01	3d	4	0.83mi
988 Halekauwila St Honolulu, HI	1.0	1.0	511	$2,700	$5.28	3d	1	0.88mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	11d	1	0.88mi
988 Halekauwila St Honolulu, HI	2.0	2.0	738	$3,600	$4.88	15d	1	0.89mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	10d	1	0.90mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$2,700	$3.42	3d	2	0.93mi
333 Ward Ave #1715 Honolulu, HI	1.0	1.0	740	$4,100	$5.54	13d	1	0.96mi
333 Ward Ave #2209 Honolulu, HI	1.0	1.0	563	$4,200	$7.46	15d	1	0.96mi
333 Ward Ave #2309 Honolulu, HI	1.0	1.0	563	$3,900	$6.93	11d	1	0.96mi
333 Ward Ave #1706 Honolulu, HI	1.0	1.0	749	$5,000	$6.68	3d	1	0.96mi
333 Ward Ave #1709 Honolulu, HI	1.0	1.0	565	$4,000	$7.08	10d	1	0.96mi
333 Ward Ave Honolulu, HI	1.0	1.0	728	$4,800	$6.59	3d	1	0.96mi
333 Ward Ave #1306 Honolulu, HI	1.0	1.0	749	$4,600	$6.14	3d	1	0.96mi
333 Ward Ave #2315 Honolulu, HI	1.0	1.0	726	$4,200	$5.79	3d	1	0.96mi
333 Ward Ave #2909 Honolulu, HI	1.0	1.0	565	$3,900	$6.90	3d	1	0.96mi
333 Ward Ave Honolulu, HI	—	1.0	465	$3,600	$7.74	23d	1	0.96mi
333 Ward Ave #3707 Honolulu, HI	1.0	1.0	728	$4,200	$5.77	2d	1	0.96mi
333 Ward Ave #3309 Honolulu, HI	1.0	1.0	565	$3,850	$6.81	2d	1	0.96mi
333 Ward Ave #530 Honolulu, HI	—	1.0	389	$3,000	$7.71	2d	1	0.96mi
333 Ward Ave #2609 Honolulu, HI	1.0	1.0	565	$3,700	$6.55	2d	1	0.96mi
333 Ward Ave #3707 Honolulu, HI	1.0	1.0	728	$4,200	$5.77	1d	1	0.96mi
333 Ward Ave #3609 Honolulu, HI	1.0	1.0	565	$4,000	$7.08	1d	1	0.96mi
333 Ward Ave #3409 Honolulu, HI	1.0	1.0	565	$3,600	$6.37	1d	1	0.96mi
333 Ward Ave #1906 Honolulu, HI	1.0	1.0	750	$5,000	$6.67	15d	1	0.96mi

HOA detail condo

• Monthly dues: $1,353 · $16,236/yr
• Likely covers: security
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $210,000 Active 108 DOM
2. 2026-06-17
   days on market $210,000 Active 107 DOM
3. 2026-06-16
   days on market $210,000 Active 106 DOM
4. 2026-06-15
   days on market $210,000 Active 105 DOM
5. 2026-06-13
   days on market $210,000 Active 103 DOM
6. 2026-06-13
   days on market $210,000 Active 102 DOM
7. 2026-06-10
   days on market $210,000 Active 100 DOM
8. 2026-06-09
   days on market $210,000 Active 99 DOM
9. 2026-06-08
   days on market $210,000 Active 98 DOM
10. 2026-06-07
    days on market $210,000 Active 97 DOM
11. 2026-06-05
    days on market $210,000 Active 94 DOM
12. 2026-06-03
    days on market $210,000 Active 93 DOM
13. 2026-06-02
    days on market $210,000 Active 92 DOM
14. 2026-06-01
    days on market $210,000 Active 91 DOM
15. 2026-05-31
    days on market $210,000 Active 90 DOM
16. 2026-04-16
    price $210,000 723-char remark

    Show marketing remark (723 chars)

    High Floor fully furnished with city and mountain views. Turnkey rental. Currently in the Aqua-Aston Hotel program. Can also be self-managed for short term rental such as Airbnb. Kitchen is nicely upgraded with newer cabinets and granite countertop. Bathroom is upgraded with newer vanity and granite countertop. Located in the central business district directly on the bus line with easy access to freeways. Executive Centre has 24-hour security. Unit comes with a prime parking stall located on the 6th floor near the elevators. Other fee of $277.86 is for Capitol Reserve. Fee is currently available for $188,488 plus additional $1500 for parking stall. Please confirm fee pricing and availability with AOAO Exec Centre.

17. 2026-03-02
    listed $225,000 Active 723-char remark

    Show marketing remark (723 chars)

    High Floor fully furnished with city and mountain views. Turnkey rental. Currently in the Aqua-Aston Hotel program. Can also be self-managed for short term rental such as Airbnb. Kitchen is nicely upgraded with newer cabinets and granite countertop. Bathroom is upgraded with newer vanity and granite countertop. Located in the central business district directly on the bus line with easy access to freeways. Executive Centre has 24-hour security. Unit comes with a prime parking stall located on the 6th floor near the elevators. Other fee of $277.86 is for Capitol Reserve. Fee is currently available for $188,488 plus additional $1500 for parking stall. Please confirm fee pricing and availability with AOAO Exec Centre.

18. 2014-11-07
    soldstatus $150,246
19. 2012-12-26
    soldstatus $159,000 72-char remark

    Show marketing remark (72 chars)

    Tenant renting at $1,800/mo until 6/30/2013; perfect for investor buyer.

20. 2012-12-26
    soldstatus $159,000

    Show marketing remark (72 chars)

    Tenant renting at $1,800/mo until 6/30/2013; perfect for investor buyer.

21. 2012-11-05
    listed $159,000 72-char remark

    Show marketing remark (72 chars)

    Tenant renting at $1,800/mo until 6/30/2013; perfect for investor buyer.

22. 2004-05-18
    soldstatus $400,000
23. 2004-01-23
    soldstatus $127,000
24. 2004-01-23
    soldstatus $127,000
25. 2003-05-23
    listed $129,000
26. 2002-08-19
    soldstatus $116,000
27. 2000-07-28
    soldstatus $35,000,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast HI · Partial reset (capped growth)

• Current annual tax: $1,155 · $96/mo
• Projected year-2 tax: $1,155 · $96/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $36,365
• − Mortgage interest: −$11,763
• − Property taxes: −$1,155
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,909
• − Management: −$2,909
• − HOA: −$16,236
• − Depreciation: −$6,109
• Taxable loss: −$5,767
• Est. tax savings @ 24.0%: +$1,384
• After-tax cash flow: $-1,544/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hawaii Department Of Education
• NCES district ID: 1500030
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $69,005
• Composite: 37.07/100
• National rank: #4504
• State rank: #1 of 1 in HI

Livability — Urban Honolulu

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Urban Honolulu, HI
• County: Honolulu County · 963,448 people
• City population: 309,956
• Metro: Urban Honolulu, HI
• Population (ZIP): 26,766
• Household income: $91,690
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1338.0

Population outlook (Honolulu County) Hauer SSP2

• Today (2025): 1,072,641 people
• By 2030: 1,110,460 · +3.5%
• By 2040: 1,181,593 · +10.2%
• By 2050: 1,257,584 · +17.2%
• By 2075: 1,501,120 · +39.9%
• By 2100: 1,764,430 · +64.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Asian 48% Two or more races 21% White 15% Pacific Islander 9% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 2% Romanian 1% Lithuanian 1%
• Foreign-born: 23% · South Korea, China, Vietnam
• Languages at home: 72% English-only · Other Asian/Pacific 10% Chinese 7% Korean 5%

Political lean MEDSL · Honolulu

• 2024 margin: Strong D (+21.6) · D 59.9% · R 38.3% · Other 1.8%
• 2008→2024 swing: -19.4pp toward R · 2008: 41.1pp · 2024: 21.6pp
• All cycles: 2024: D+21.6 2020: D+26.9 2016: D+29.9 2012: D+39.1 2008: D+41.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.73%
• Current HPI: 231.8414
• Rent YoY: ▲ 0.63%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-99.4% since first listed

12 events — show timeline

• 2026-04-16 Price Changed $210,000 HiCentral MLS
• 2026-03-02 Listed $225,000 HiCentral MLS
• 2014-11-07 Sold (Public Records) $150,246 Public Records
• 2012-12-26 Sold (Public Records) $159,000 Public Records
• 2012-12-26 Sold (MLS) $159,000 HiCentral MLS
• 2012-11-05 Listed $159,000 HiCentral MLS
• 2004-05-18 Sold (Public Records) $400,000 Public Records
• 2004-01-23 Sold (Public Records) $127,000 Public Records
• 2004-01-23 Sold (MLS) $127,000 HiCentral MLS
• 2003-05-23 Listed $129,000 HiCentral MLS
• 2002-08-19 Sold (Public Records) $116,000 Public Records
• 2000-07-28 Sold (Public Records) $35,000,000 Public Records

Property tax history

+2.5%/yr

Latest (2022): $1,155 · -3.3% YoY. Source: county tax records.